I go with the advice of my broker. I don’t know all the laws but I do live where there is no state income tax. The tax on currency is written as such that it is very difficult to treat it as anything but currency. I will stop there.
Gold, silver, platinum, real estate, oil, corn, etc. & other assets are not currency.
And if you bought Swiss Francs for $0.70, and sold for $1.50, you will owe a federal tax on the “gain”.